Southeast Asian VC firm Wavemaker Partners has closed its fourth fund at US$136 million, exceeding its target of US$120 million.
Wavemaker Partners managing partner Paul Santos (left) and general partner Gavin Lee / Photo credit: Wavemaker Partners
Wavemaker said the new fund is the largest of its kind that targets early-stage deep tech, enterprise, and sustainability startups in Southeast Asia. Returning limited partners such as Pavilion Capital, Temasek Holdings, the International Finance Corporation, and Vulcan Capital are anchoring the fund.
In total, the VC firm currently has US$300 million in assets under management.
Founded in 2012, Wavemaker Partners has invested in more than 170 companies, with around 150 of them in the deep tech, enterprise, and sustainability sectors. It has had more than 10 exits so far – with a total value of over US$700 million – which includes Gojek’s acquisition of Moka, 8×8’s acquisition of Wavecell, and Intuit’s acquisition of TradeGecko.
The company raised US$111 million for its third fund in 2020 and US$66 million for its second fund in 2017. In October last year, it launched a US$25 million climate tech venture builder called Wavemaker Impact to help launch companies that aim to reduce 10% of global emissions by 2035.
See also: The hidden alliances between Southeast Asia’s VCs, uncovered
Along with the announcement, Wavemaker Partners also promoted Melissa Ho to principal and Phuong Tran to vice president of investments and Vietnam country head.
Editing by Miguel Cordon and Jaclyn Tiu
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